Burlington, MA. — June 15, 2010 —Memento Inc., a leader in enterprise fraud management solutions for financial institutions, today announced that Educational Employees Credit Union (EECU) has selected Memento Security™ as its enterprise-wide platform to fight fraud and other financial crimes. After a thorough evaluation process, EECU chose the Memento platform for its advanced analytics, ease of deployment, and ability to detect a wide range of fraud types.
During the selection process, Memento and EECU collaborated on a successful proof of concept using actual transaction and reference data. The evaluation demonstrated Memento’s ability to accurately detect fraud, substantially reduce false positives relative to existing methods, and enable analysts to quickly and efficiently research alerts and disposition potential fraud cases. EECU will use Memento Security to address a broad array of cross-channel fraud challenges including Check Fraud (On-Us, Deposit and Kiting), Case Management, and AML/BSA Compliance.
An Innovative Approach to Fraud Detection
“We had been searching for an advanced software solution to combat the risk of cross-channel fraud and identify potential money laundering schemes across the enterprise. With Memento, we found a partner capable of meeting those business objectives, and with their flexible data management platform, we envision leveraging our investment in Memento to help manage multiple risks inherent throughout our organization,” said Dick Ashjian, SVP Risk Management. “The proof of concept helped us discover that other processes, such as our plastic card disputes and lending, could also eventually benefit from the flexibility and speed of the Memento solution.”
“We are excited about the opportunity to work with EECU to address their important fraud management challenges,” said Mike Braatz, Senior Vice President and General Manager at Memento. “EECU is a forward thinking organization that is well positioned to take full advantage of the Memento Security platform, and we look forward to a long and successful partnership.”
About EECU
With over $1.8 billion in assets, EECU is the largest financial institution in the Central San Joaquin Valley of California. EECU has proudly served the residents of the Valley and surrounding areas for over 75 years, receiving numerous awards for member service and dedication to the community, including the 2009 People’s Choice Award for “Best Credit Union in the Central Valley”. Visit www.myeecu.org for more information.
About Memento
Memento, Inc. is a recognized leader in enterprise fraud management. Memento Security – the company's award-winning solution – is an innovative platform for monitoring, detecting, and investigating fraud and inappropriate activities by a wide range of fraudsters, from trusted insiders to criminal outsiders. Used by the world's largest and most influential financial institutions. Memento solutions are business-focused, easy to use, and quick to implement. By detecting inappropriate activities early and precisely, Memento gives enterprises the information they need to prevent loss, protect revenue, and mitigate risk. Visit www.mementosecurity.com for more information.
Contact:
Memento, Inc.
Heidi Ramich, 781-221-3030 x 175
Director of Corporate Marketing